Prince Harry and Meghan Markle’s mega Aussie deal to ‘change the world’

Prince Harry and Meghan Markle have signed a deal with a company co-founded by two Australians in a new venture that will take them in an entirely new direction.

Prince Harry and Meghan Markle have signed a business deal with a New York investment company co-founded by two Australians.

The Sussexes have revealed they have become “impact partners” and investors at sustainable investing firm Ethic.

The couple announced on Tuesday local time that they had joined forces with the firm, a socially-aware asset management company founded by former Deutsche Bank employees Doug Scott of Melbourne, Johny Mair of Brisbane and University of Edinburgh graduate Jay Lipman.

Prince Harry and Meghan Markle have gone into business with two Aussies. Picture: Getty Images

The trio set up Ethic in New York in 2015 and were introduced to Prince Harry and Meghan by mutual friends.

Ethic, which has $US1.3 billion (A$1.7 billion) under management, said in a statement that the royal couple “became investors in Ethic earlier this year and have investments managed by Ethic as well”.

Ethic claims to only invest in businesses that meet its “social responsibility criteria”, including on racial justice, climate change and workplace standards such as gender equality and fair pay.

The former royals made the announcement on their Archewell website, stating that “when we invest in each other we change the world” after they signed a new deal to become “impact partners” and investors.

Australian Johny Mair co-founded the company, Ethic, which has gone into business with Prince Harry and Meghan Markle. Picture: Supplied

Australian Doug Scott also co-founded the company, Ethic, which has signed a deal with the Duke and Duchess of Sussex. Picture: Supplied

“Be it through the investment of time (as with mentoring), investment in community (as with volunteering), or in the investment of funds (for those who have the means to), our choices – of how and where we put our energy – define us as a global community,” the couple’s statement read.

“We believe it’s time for more people to have a seat at the table when decisions are made that impact everyone.

“We want to rethink the nature of investing to help solve the global issues we all face.

“That is one of the ways we put our values in action.”

Meghan, Duchess of Sussex and Prince Harry, Duke of Sussex visit One World Observatory on September 23, 2021 in New York City. Picture: Roy Rochlin/Getty Images.

The Ethic website says Mair grew up in Australia and driven by a love of technology, collaborating and bringing ideas to life, and has led product teams at Deutsche Bank, JPMorgan, BlackRock, Fidelity, Guy Carpenter, Goldman Sachs and a number of high-growth start-ups before co-founding Ethic.

Scott was “raised in Australia by two forward-thinking social and environmental activists’’, adding “Doug co-created Ethic to help solve many of the largest issues facing humanity.”

Since stepping down from royal life last year, Prince Harry and Meghan have forged several lucrative deals, including multimillion-dollar partnerships with Netflix, Spotify and Apple.

The couple was introduced to the company by a friend, Meghan said.

“From the world I come from, you don’t talk about investing, right?” the Duchess of Sussex told BookDeal.

“You don’t have the luxury to invest. That sounds so fancy.

Aussies Johny Mair and Doug Scott with Brit, Jay Lipman, founded the company, Ethic. Picture: Supplied

“My husband has been saying for years, ‘Gosh, don’t you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?”

Prince Harry told the paper: “You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from.’’

It is not yet known how much they have invested or if they are being paid.

Prince Harry and Meghan said they hoped that their involvement would help democratise investing, making people — especially younger people — more deliberate in their choices and conscious of investing in sustainable companies. “You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from,” Harry added.

The company posted on Twitter to celebrate the partnership, saying: “We’re thrilled to welcome Prince Harry and Meghan, The Duke and Duchess of Sussex, as impact partners at Ethic.

“Together, we are committed to creating a more inclusive, resilient and sustainable future.”